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SCHEDULE 3E+WTransitional provisions

PART 6E+WBulk transfer payments for accepted members

Accepting a bulk transfer paymentE+W

29.—(1) This paragraph applies if another occupational pension scheme (“the sending scheme”) offers to make a bulk transfer payment in respect of all persons to whom this Part applies.

(2) The scheme manager for the existing scheme must accept a bulk transfer payment if it is offered.

(3) A transfer payment in respect of a person (P) may not be accepted as part of a bulk transfer payment if—

(a)it relates to service on or after the Fair Deal transfer date; or

(b)retirement benefits have become payable to P under the sending scheme.

(4) In this Part, “bulk transfer payment” means a single transfer payment in respect of all persons to whom this Part applies.

(5) The bulk transfer payment must be accepted into the existing scheme.